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tv   Closing Bell  CNBC  August 28, 2013 3:00pm-4:01pm EDT

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special day of speakers. over to you. we do welcome you to closing bill. i'm bill griffeth. >> i'm michelle caruso-cabrera at the new york stock exchange in today for maria bartiromo. >> as we all know today a special day in washington. we've been watching the events there is your troun there surrounding the 50th anniversary of martin luther king i have a dream speech. we will be momentarily hearing a pealing of bills to mark that moment. after that president obama will be speaking to commemorate that moment. let's bring in john harwood in washington who has been following the day's moments. a poignant moment coming up with the nation's first african-american president. >> no question. we heard from bernice king, the
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daughter of martin luther king. she was born precisely five months before he delivered that speech. and it was a speech that has stood the test of time as one of the great pieces of rhetoric in american history. >> one of the measures we take now is how much progress has been made since the speech was made 50 years ago in terms of civil rights, job equality and so forth. >> in terms of political progress it's been substantial. we got an african-american in the white house. we have black americans in the last two presidential elections that actually voted at higher rates than white americans. that shows the participation is there. in terms of economic equality -- >> john harwood hold on a second we'll listen to the bells. [ pealing of the bell ] [ applause ] >> that marks the time exactly
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50 years ago today when dr. martin luther king, jr. began that historic speech. >> there will be a singer here for just a moment before the president begins his speech today. and, again, this will be a key moment not only in this day, but for president obama himself too, john. >> that's right. president obama has not made civil rights a centerpiece of his presidency. remember that he was trying to get elected in 2008 and 2012 by appealing to a very wide swath of the electorate. there are some moments that's so big, the trayvon martin case a few weeks ago was one of those when the president finally came out to make some remarks on it. here's a happy occasion when he can come out and commemorate the progress that's been made but also note the progress that hasn't been made. we were talking about that before the bell started pealing. you have african-americans with a persistent income gap with
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white americans. in 1965 blacks earned 55 cents on the dollar now today 65 cents. african-american unemployment is almost twice the rate of white americans. and you got the gap in household wealth, the average african-american household has one sixth the household wealth of whitehouse holds. so this is a very large agenda that's still in front of us and the president has his way of trying to address it. republicans have different ways relying less on government more on the markets. >> there were a number of commemorations going on around the country, local commemorations on this historic day. so, of course, the key focus has been on washington here and the president will be standing on the precise spot where martin luther king was standing on that day 50 years ago. those of you who have been at
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the lincoln memorial recently you will notice there's a black commemorating that moment from 1963. it's hard to believe. i don't know. for some of us of a certain age hard to believe it's 50 years. >> i was a little kid in chevy chase, maryland, my dad was covering the march. she was a reporter. my mom would have attended the march if she had a baby sitter. she had four kids under ten and couldn't get under there. it's a remarkable passage of speed. i don't think martin luther king would have expected we would have an african-american president by now. some things have not changed. it's an index of the depth of the problems that the economic gap has been intractable. >> we'll get to some market coverage when the president's speech is completed. i can imagine, michele, traders on the floor are watching what's going on today? >> absolutely. you can see it on the floor they are looking at the vaccines as
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we carry this live here on cnbc. john, what kind of tonality will the president try to strike here which for him must be an incredible moment to be able to stand in that same place and discuss about the advances that have been made but lack of progress on so many fronts. >> i would expect him to emphasize the progress that hasn't been made because that ties into the agenda that he's been trying to push in the congress. he's been fighting with republicans on capitol hill to preserve some of the spending that he wants to do for education, for job training, for innovation, all of the basic research, all the things that he thinks is necessary for economic progress and, of course, republicans have a different view. >> here we go, john. here's the president of the united states. >> here we go. [ applause ]
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>> to the king family who have sacrificed and inspired so much, to president clinton, president carter, vice president biden, jill, fellow americans. five decades ago today americans came to this honored place to lay claim to a promise made at our founding.
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we hold these truths to be self-evident, that all men are created equal. that they are endowed by their creator with certain inalienabling rights. that among these life, liberty and the pursuit of happiness. in 1963, almost 200 years after those words were set to paper, a full century after a great war was fought and emancipation proclaimed, that promise, those truths remained unmet. and so they came by the thousands from every corner of
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our country, men and women, young and old, blacks who longed for freedom and whites who could no longer accept freedom for themselves while witnessing the subjugation of others. across the land congregations sent them off with food and with prayer. in the middle of the night entire blocks of harlem came out to wish them well. with a few dollars they scrimped from their labor, some bought tickets and boarded buses, even if they couldn't always sit where they wanted to sit. those with less money hitchhiked or walked. there were seamstresses and steelworkers, students and
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teachers, maids and pullman porters. they shared simple meals and bunked together on floors. and then on a hot summer day they assembled here in our nations capital under the shadow of the great emancipator to awaken america's long slumber conscience. we rightly and best remember dr. king's soaring oratory that day. how he gave mighty voice to the quiet hopes of millions, how he offered a salvation path for
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oppressed and oppressors alike. his words belong to the ages. possessing a power and prophecy unmatched in our time. but we would do well to recall that day itself also belonged to those ordinary people whose names never appeared in the history books. never got on tv. many have gone to segregated schools and sat at segregated lunch counters. they lived in towns where they couldn't vote and cities where their votes didn't matter. there were couples in love who couldn't marry. soldiers who fought for freedom abroad that they found denied to them at home.
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they had seen loved ones beaten. and children fire hosed. and they had every reason to lash out in anger or resign themselves to a bitter fate. and yet they chose a different path. in the face of hatred they prayed for their tormentors. in the face of violence they stood up and sat in with the moral force of nonviolence. willingly they went to jail to protest unjust laws. their cells swelling with the sound of freedom songs. a lifetime of indignities had taught them that no man can take
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away the dignity and grace that god grants us. they have learned through hard experience what fredrick douglass once taught freedom is not given it must be won through struggle and discipline, persistence and faith. that was the spirit they brought here that day. that was the spirit young people like john lewis brought to that day. that was the spirit that they carried with them like a torch back to their cities and neighborhoods, that steady flame of conscience and courage that would sustain them through the campaigns to come. through boycotts and voter registration drives and smaller marches far from the spotlight.
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through the loss of four little girls in birmingham and the carnage of edmond pettis bridge and the agony of dallas and california and memphis. through set backs and heart breaks and gnawing doubt that flame of justice flickered. it never died. and because they kept marching, america changed. because they marched the civil rights law was passed. because they marched a voting rights law was signed. because they marched, doors of opportunity and education swelled open so their sons and daughters could finally imagine a life for themselves beyond
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washing somebody else's laundry or shining somebody else's shoes. because they marched, the city councils changed and state legislatures changed, and changed and yes, eventually the white house changed. because they marched america became more free and more fair, not just for african-americans but for women and latinos. asians and native americans. for catholic, jews and muslims. for gays. for americans with disabilities. america changed for you and for me. and the entire world drew strength from that example. whether the young people who watched from the other side of an iron curtain and would
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eventually tear down that wall or the young people inside south africa who eventually end the scourge of apartheid. [ applause ] those are the victories they won. with iron wills and hope in their hearts, that is the transformation that they brought, with each step of their well worn shoes. that's the debt that i and millions of americans owe those maids, those laborers, those porters, those secretaries, folks who could have run a company, maybe, if they ever had a chance. those white students who put themselves in harm's way even though they didn't have to. those japanese-americans who were called their own internment, those
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jewish-americans who had survived the holocaust, people who could have given up and given in but kept on keeping on, knowing that we might weep for a night but joy cometh in the morning. on the battlefield of justice men and women without rank or wealth or title or fame would liberate us all in ways that our children now take for granted. as people of all colors and creeds live together and learn together and walk together and fight alongside one another and love one eighth. -- another and judge one another by the content of our character in this greatest nation on earth.
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to dismiss the magnitude of this progress, to suggest as some sometimes do that little has changed, that dishonors the courage and the sacrifice of those who paid the price to march in those years. [ applause ] medgar was, james cheney, andrew goodman, michael schwerner, martin luther king jr. did not die in vein. their victory was great. but we would dishonor those heroes as well to suggest that the work of this nation is somehow complete.
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the arc of the universe might bend towards justice but it doesn't bend on its own. to secure the gains this country has made requires constant vigilance, not complacency. whether by challenging those who erect new barriers to vote or ensuring the scales of justice work equally for all in the justice system and not a pipeline for under-funded schools to overcrowded jails it requires vigilance. [ applause ] and we'll suffer the occasional setback. but we will win these fights. this country has changed too much. people of goodwill regardless of party are too plentiful for those with ill will to change
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history's currents. in some ways, though, the securing of civil rights, voting rights, eradication of segregation, these victories may have obscured a second goal of the march. for the men and women who gathered 50 years ago, we're not there in search of some abstract id idea. they were there seeking jobs as well as justice. [ applause ] not just the absence of oppression but the presence of economic opportunity. for what does it profit a man
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dr. king would ask to sit at an integrated lunch counter if he can't afford the meal? this idea that one's liberty is linked to one's livelihood, that the pursuit of happiness requires the dignity of work, the skills to find work, decent pay, some measure of material security, this idea was not new. lincoln himself understood the declaration of independence in such terms. as a promise that in due time the weight should be lifted from the shoulders of all men and that all should have an equal chance. and dr. king explained that the goals of african-americans were identical to working people of all races. decent wages.
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fair working conditions. livable housing. old age security. health and welfare measures. conditions in which families can grow have education for their children and respect in the community. what king was describing is the dream of every american. it's what's lured for centuries new arrivals to our shores and it's along this second dimension of economic opportunity the chance through honest toil to advance one's station in life with the goals of 50 years ago have fallen most short. yes, there have been examples of success within black america that would have been unimaginable a half century ago.
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but as already has been noted black unemployment has remained almost twice as high as white unemployment. latino unemployment close behind. the gap in wealth between races has not lessened, it's grown. as president clinton indicated the position of all working americans, regardless of color has eroded, making the dream dr. king described even more elusive. for over a decade working americans of all races have seen their wages and income stagnate, even as corporate profits soar, even as the pay of a fortune of a few explodes, inequality is steadily has risen over the decades. upward mobility has become harder. too many communities across this country in cities and suburbs and rural hamlet, the shadow of
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poverty casts a pall over our youth their lives a fortress of substandard schools and diminished prospect, inadequate health care and violence. and so as we mark this anniversary we must remind ourselves that the measure of progress for those who marched 50 years ago was not merely how many blacks could join the ranks of mill mays, the it was whether this country would admit all people who are willing network hard regardless of race into the ranks of the middle class life. the test was not and never has been whether the doors of opportunity are cracked a bit wider for a few. it's whether our economic system provides a fair shot for the many. for the black custodian and white steel worker. the immigrant dishwasher, and
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the native american. to win that battle, to answer that call, this remains our great unfinished business. we shouldn't fool ourselves, the task will not be easy. since 1963 the economy has changed. the twin forces of technology and global competition have subtracted those jobs that once provide foot hold into the middle class. reduced the bargaining power of american workers. our politics has suffered. entrenched interests, those who benefit from an unjust status quo resisted any government efforts to give working families a fair deal.
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martialing an army of lobbyists and opinion makers to argue that taxes on the wealthy who could afford just to fund crumbling schools that all these things violated sound economic principles. we be told that growing inequality was a price for a growing economy. a measure of a free market. that greed was good. and compassion ineffective. and those without jobs or health care had only themselves to blame. then there were those elected officials who found it useful to practice the old politics of division, doing their best to convince middle class americans of a great untruth that government was somehow itself to blame for their growing economic insecurity. that distant bureaucrats were
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taking their hard earned dollars to benefit the welfare cheat or illegal immigrant. and then if we're honest with ourselves, we'll admit that during the course of 50 years there were times when some of us claiming to push for change lost our way. the anguish of assassinations set off self-defeating riots. legitimate grievances against police brutality tipped into excuse making for criminal behavior. racial politics could cut both ways. as the transformative message of unity and brotherhood was browned out by the language of recrimination. and what once had been a call for equality of opportunity, the chance for all americans to work
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hard and get ahead, was too often framed as a mere desire for government support. as if we had no agency in our own liberation. as if poverty was an excuse for not raising your child. and bigotry of others was reason to give up on yourself. all of that history is how progress stalled. that's how hope was diverted. it's how our country remained divided. but the good news is just as was true in 1963, we now have a choice. we can continue down our current path in which the gears of this great democracy grind to a halt and our children accept a life of lower expectations, where
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politics is a zero sum game, where few do very well while struggling families of every race fight over shrinking economic pie. that's one path. or we can have the courage to change. the march on washington teaches us that we are not trapped by the mistakes of history. that we are masters of our fate. but it also teaches us that the promise of this nation will only be kept when we work together. we'll have to reignite the embers and fellow feeling, the coalition of conscience that found expression in this place 50 years ago. i believe that spirit is there. that true force inside each of us. i see it when a white mother
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recognizes her own daughter in the face of a poor black child. i see it when the black youth thinks of his own grandfather and the dignified steps of an elderly white man. it's there when the native born recognizing that striving spirit of the new ember, when the interracial couple connects the pain of a gay couple who were discriminated against and understands it as their own. that's where courage comes from. when we turn not from each other or on each other but towards one another and we find that we do not walk alone. that's where courage comes from. [ applause ] and with that courage we can stand together for good jobs and just wages. with that courage we can stand
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together for the right to health care in the richest nation on earth for every person. with that courage we can stand together for the right of every child from the corners of anacostia to the hills of appalachian that captures the mind, and the spirit and prepares them for the world that awaits them. with that courage we can feed the hungry and house the homeless. and transform bleak wastelands of poverty in the fields of commerce and promise. america, i know the road will be long, but i know we can get there. yes, we will stumble, but i know we'll get back up. that's how a movement happens. that's how history happens. that's how when somebody is feint of heart somebody else brings them along and says come
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on. there's a reason why so many who marched that day and in the days to come were young, for the young or unconstrained by habits of fear. unconstrained by the conventions of what is. they dared to dream differently, to imagine something better and i am convinced that same imagination, the same hunger of purpose stirs in this generation. we might not face the same dangers of 1963, but the fierce urgency of now remains. we may never duplicate the swelling crowds and dazzling procession of that day so long ago, no one can match king's brilliance but the same flame that lit the heart of all who were willing to take a first
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step for justice, i know that flame remains. that tireless teacher who gets to class early and stays late and dips into her own pocket to buy supplies because she believes that every child is her charge, she's marching. [ applause ] that successful businessman who doesn't have to but pace his workers a fair wage and then offers a shot to a man maybe an ex-con who is down his luck, he's marching. [ applause ] the mother who pours her love into her daughter so she gross up with the confidence to walk through the same doors as anybody's son, she's marching. [ applause ] the father who realizes the most important job he'll ever have is raising his boy right even if he didn't have a father, especially if he didn't have a father at home, he's marching.
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[ applause ] the battle scarred veterans who devote themselves not only to helping their fellow warriors stand again and walk again and keep serving their country when they come home, they are marching. [ applause ] every one who realizes what those glorious patriots knew on that day, that change does not come from washington but to washington. the change has always been built on our willingness, we the people, to take on the mantel of citizenship, you are marching. and that's the lesson of our past. that's the promise of tomorrow. that in the face of impossible odds people who love their country can change it. that when millions of americans of every race and every region, every faith and every station can join together in a spirit of brotherhood then those mountains
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will be made low and those rough places will be made plain and those crooked place they straighten out towards grace and we will vindicate of those who sacrifice so much and we'll live up to our creed as one nation under god with liberty and justice for all. [ applause ] >> president obama impassioned speech commemorating this moment when dr. martin luther king, jr. was delivering his famous i have a dream speech before the march on washington back in 1963 and john harwood, you can't help but think that mr. obama is there speaking not loin as head of state but gives him an opportunity speak as an african-american as well. >> absolutely right. he also acknowledged the big shadow that he was speaking under. he said no one can match king's
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brilliance. you have a part of the speech that was universal and cast it as part of the quest for worldwide freedom, for gays and women in the united states and other groups as well. but you also had a very combative part of the speech called out progressives for some racial division within their side of the political argument, but was very tough on what he called entrenched interests and lobbyists who wanted to preserve inequality and did it with a tone of frustration, bill, that seemed to say he was cognizant of those impossible odds he referred to at the end of his speech. he has a big challenge. >> it was very balanced, john, absolutely, when you talk about the various criticisms that he lobbed. i love how he used excerpt from the declaration of independence, gettysburg address different speeches from martin luther
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king. it was really brilliant the way he made reference to himself without making reference to himself. the one time the crowd cheered and then eventually the white house changed. way to make some statement about the very obvious he's first african-american president without actually being so obvious about it. >> that's exactly right. he sprinkled a few enuciations about crooked places made straight that's quoting isaiah from the bible. when the president talked about the politics of the country it's become very racially divided this was a completely democratic lineup of speakers, you didn't have any leading republicans
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there. the racial stratification of our politics is real one. john, thank you very much. luckily the rain held out. a very heavy day of rain up to that point. much of the northeast as well did hold back from that speech. let's get back to our, what we do here on close bell, we welcome you once again, i'm bill griffeth alongside michelle caruso-cabrera and bob pisani dessite continuing concerns about the possibility of military strike on syria this market has rallied today. >> lack of headlines that some believe perhaps this will be put off on the u.n.. that's calming things down. take a look at the dow jones industrial average. we're at the highs of the day. one of the reasons the markets held up so far overall the indices because the oil stocks are up. we're on multiyear highs on oil.
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exxon and chevron count for 50% of the gains. in general the trade has been selloff going into the geopolitical risk and as the risk dissipates or the event happens. airline stocks another weak group today. airlines have been down all month but especially weak in the last couple of days. oil has been up and that's a major factor. here's the big problem for stocks and has been for the last several days. data has been weak and you get earnings concerns. if you get any strength of data, you get tapering concerns and bill and michele stocks are still dealing with that particular catch 22. >> we'll get to our market coverage in a moment. we have an earnings alert on williams sonoma. >> you don't get earnings alert until after the close bell. williams sonoma releasing their numbers early or at least news
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out lets reporting on their numbers. williams sonoma were supposed to report earnings after today's "closing bell". they are looking into what happened. williams. >> ma quarter two, 49 cents beats the average estimate. sales coming in $982 million that beats the average analyst estimate as well. the forecast is interesting they see quarter three coming in at 21 to 54 cents a share that falls shy of the average analyst sma estimate of 55 cents. >> thanks very much. joining us now in our "closing bell" exchange. andre, you know, we do have these still the threat, just as it was yesterday of a possible western strike on syria. why do you think besides the energy stocks anything would be
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rallying today if they sold off yesterday? >> i think intraditi day is har tell. yes there are issues in the middle east. we've had experienced them in the past. the market will get past this. and we'll start focusing on what matters which is the economy still improving, are earnings still growing and i think the answer to those are yes. >> any fundamental rallies? >> i think for long term investor that is what matters and the fundamentals are fairly strong. >> are you? >> i'm concerned short term. some of the disrunnings we're seeing in emerging markets we have to watch very carefully what happens -- >> emerging be markets or syria. >> syria or brazil or indonesia. we got some real problems with
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countries that have done a lot of the right things but now we're going to test whether their ability to build up foreign currency reserves, we'll test whether that's strong enough to maintain their strength. there's going some great companies in those countries but we have to be very cautious. >> you're worried about the spill over to the united states? >> i am worried about what happens if there are some -- you know just think about, you know, an asian financial crisis in the late '90s. i use the term at the time a tsunami coming to the u.s. by the time it got here it was a little wave. we don't want to exaggerate importance. what happens in the u.s. is what happens to the interest rates. if we get to the point where countries need liquidate those reserves and puts more pressure on the ten year. in june foreign central banks were selling treasuries. i don't think they can dump them. >> rick santelli? >> yesterday bonds were a
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safe-haven play as gold was and both have been seeing some selling today? what's going on? >> the market is schizophrenic. it always has been. it's short term. traders in august have a lot of time to read the news. look at some of the big stories today. we talked on cnbc about how if there was a tweet from iran that basically they don't like the use of chemical warfare. we saw the israeli news service stories about how the russians aren't necessarily going to get involved should the u.s. have a surgical strike. in the "financial times" big concerns about triggering deeper conflict. the fact that there's so much discussion now i think is mitigating some of the short term effects. doesn't mean they won't return tomorrow. >> all right. thanks, rick. gentlemen thanks so much for joining us. all right. we got about 20 minutes before the close bell and the dow jones industrials average higher by 70
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the dow is lagging the other indices. josh lipman is here what's dragging down the dow. let's dig in to the market. two-thirds of the stocks are in positive territory. among the winners shares of personal computer hp posting solid gains. ex-con and chevron up 2%. worst performers consumer products company proctor and gamble down 1%. verizon, ibm also among your laggards. >> a tough month. in spite of today's mild rally the dow is about 5% off its
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recent highs. halfway to a technical correction for this month. is this a healthy pull back or a more serious correction just around the corner? let's start talking numbers. on the dow itself, todd gordon and taking a crack at the fundamentals is mr. tanner. todd let's start with you. have we done technical damage to the dow? more to come to the down side? >> i don't think. i went long stocks. the dow pulled back. underperformer. consumer staples underperformed. walmart, proctor gamble are dragging the dow down. if you look at the performance from the summer, low the nasdaq is up 8.5%, s&p 4.5%. we're looking technically pretty good. yields may have reached the top. the fed will be accommodating. keep independent rates under 2.7%. i think that's a buy for stocks. >> i'll let todd catch the filing knife i'm not beltwayer.
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biggest problem fundamentally for these companies these are mega cap companies. they are all exposed. we saw in the earning release from ibm, ex-con, mcdonald arbitration walmart, coca-cola very broad base weakness. i think the emerging market crisis is another sign these companies are heading lower. >> thank you guys. we'll move on because of the breaking news today. good talk on the dow today. the dow right now is off of its highs but still up 63 points. the nasdaq shyer by 19. we have 12 minutes before the close bell. >> ben bernanke says he watches the job report but also watching a looming military conflict in injury. we'll talk about that later on the "closing bell". and this will be your premium right here.
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how will fed's decision to taper next month be affected by sir judge. jeff less van that will and michael dugger are here. great to have you here. jeff, let me start with you. the tapering will it be put on
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hold because of syria? >> if you asked me that question a week ago the answer would be no. but absolutely now the fed has to taken into account what happens geopolitically. >> what about syria gives them the need to pause? how does it affect the economy? >> the middle east is a tinder box. what's going on with egypt. if we have to go into syria or something bubbles over into israel it could cause problems for the economy around the world. >> do you agree, mike? do we have to put tapering on hold while we deal with events in syria? >> no, i don't. if you think geopolitical uncertainty will create a safe-haven and demand for u.s. treasury bonds anyway the public wants to more treasury bonds. >> so what he was just saying now, jeff, because of the
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uncertainty in the world a very logical way to think people will do safe-haven buying and lower interests rates on their own? >> that's a real possibility and i think that the reality of it is it gives those who are overweight in bonds to move out. many individual investors have been piling money into bonds over the last five years and by no means toy think we should get rid of bonds completely which is a message being put out on the street you can enlighten bonds and see rates fall. >> mike, you were the chief economist. syria aside we've seen economic data that suggest as slow down in key portions of the economy in part because of the rise in interest rates here. anticipating the taper. does that slow things down the timetable for the tapering at all? >> no. i think ben bernanke has a great incentive to start the tapering process under his watch before he leaves in january.
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so it would take a lot in my view to derail that and i don't think the situation in syria right now would warrant and end to that tapering process. we'll hear at the september meeting. >> what you, jeff, the economic data came in dicey. new home sales. would syria have pushed tapering back? >> i don't think so. i agree with your other guest bernanke wants to -- >> he's determined. >> i think really this postpones syria. he done get it done before he's out the door. i think it's more of a postponement than not tapering at all. >> what your buying here, jeff? how do you invest your money? >> for us if we were to see a pull back because of syria, i think we could add money to equities in particular we like financials. >> mike, if i can ask you about the emerging markets one of the other impacts we've seen about the pending tapering what's going on in indonesia and india and et cetera. could that have an impact on our
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economy? >> well certainly that would lower global demand. it would be something that would help slow the u.s. economy. but even with the problems in the rest of the world, europe in the doldrums, some problems in emerging markets we have a very constructive outlook on 2013. despite these problems we're projecting about 215,000 jobs per month gains. even though we have a little slow patch here in the third quarter in terms of job gains we expect a big pick up in the next year and very constructive outlook for the u.s. economy. >> thank you so much for joining us. coming up next we're coming back the close countdown. stocks try to close in the green for the first time this week. after the bell, a cheaper iphone? that's one of the things many think think that's what apple is going
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♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ]'ll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ all right. very quickly if you're just joining us give you a quick snap smopt the stock market was down yesterday, higher today. the dow back up about 50 points at this hour. so yesterday down 170 points, a gain of 50 points today. there we go. now the safe-haven place i'm seeing selling.
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bonds were up sharply in price, down sharply in yields yesterday, opposite today. up 2.77 on the ten year and gold which was so strong yesterday has pulled back a bit today down $4 but still up 8% for the month. alan valdez what do you make of this? >> yesterday we were so oversold. today you're seeing a little nibbling. i wouldn't put too much into it. very light volume. exxon and chevron had the market up. more contributed later in the day. basically a light day. not much to read into it. >> if there is a military strike could it come tomorrow, maybe the next day, what do you think the markets would do with that? >> i think that definitely sell off those days. but, again, i don't think it's enough to derail the economy. at the end of the year this market will be higher than where it is today. >> you're accumulating at that point? >> exactly. we're not doing anything right now. we'll look at the job figures
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next friday. we're not selling anything. but not buying either. >> okay. alan valdez thanks for joining us. that's a look at the first hour. let's get to a full second hour as we make sense of this day and look ahead to the next couple of days on the second hour of the "closing bell". it is the 4:00 hour on wall street. we welcome to you the second hour of the closing bill i'm bill griffeth along with michelle caruso-cabrera who is in for maria bartiromo. stocks snap that two day losing streak despite concerns about syria. >> the dow jones industrial average higher by 50 points. >> dow on course for its worst month in over a year bob pisani


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